On May 15, 2024, Velo3D, Inc., a prominent metal 3D printing technology company, reported its financial outcomes for the first quarter ending March 31, 2024. The company announced a revenue of $10 million, a significant increase from the fourth quarter of 2023, driven by an uptick in shipments. Despite a negative gross margin of 29%, Velo3D anticipates positive margins in the second quarter due to improved shipment volumes and manufacturing efficiencies. The company's net loss stood at $28.3 million, with a non-GAAP net loss of $20.2 million after adjustments. Velo3D highlighted a 35% year-over-year improvement in operating cash flow and is on track to achieve cash flow breakeven in the second half of FY 2024. The company's strategic realignment has led to a 30% reduction in operating expenses year over year...Show More

On May 15, 2024, Velo3D, Inc., a prominent metal 3D printing technology company, reported its financial outcomes for the first quarter ending March 31, 2024. The company announced a revenue of $10 million, a significant increase from the fourth quarter of 2023, driven by an uptick in shipments. Despite a negative gross margin of 29%, Velo3D anticipates positive margins in the second quarter due to improved shipment volumes and manufacturing efficiencies. The company's net loss stood at $28.3 million, with a non-GAAP net loss of $20.2 million after adjustments. Velo3D highlighted a 35% year-over-year improvement in operating cash flow and is on track to achieve cash flow breakeven in the second half of FY 2024. The company's strategic realignment has led to a 30% reduction in operating expenses year over year and a 15% sequential decrease. Velo3D also reported a backlog of $22 million entering Q2 and expects over 30% sequential revenue growth. The company remains focused on its strategic initiatives, including customer success, system reliability, and cost structure improvements. Velo3D's CEO, Brad Kreger, expressed confidence in the company's direction and its ability to meet increasing industry demand for advanced additive manufacturing solutions. The company's guidance for Q2 2024 includes a revenue growth of more than 30% and a continued decrease in non-GAAP operating expenses.